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Article 213Z22 Conversion, detention, release and forfeiture of converted cryptoassetsF1

(1)

Section 303Z57 (detained cryptoassets: detention of proceeds of conversion) applies as if—

(a)

subsection (5) were omitted;

(b)

in subsection (6), for “subsections (4) and (5)” there were substituted “subsection (4)”;

(c)

in subsection (7), “or (5)” were omitted;

(d)

in subsection (8), paragraph (b) and the preceding “or” were omitted;

(e)

subsections (9) and (10) were omitted.

(2)

Section 303Z58 (frozen crypto wallets: detention of proceeds of conversion) applies as if—

(a)

subsection (5) were omitted;

(b)

in subsection (6), “or (5)” were omitted;

(c)

in subsection (7), paragraph (b) and the preceding “or” were omitted;

(d)

subsections (8) and (9) were omitted.

(3)

Section 303Z59 (release of detained converted cryptoassets) applies as if in subsection (3), paragraph (b) and the preceding “or” were omitted.

(4)

Section 303Z60 (forfeiture order) applies as if in subsection (4), paragraph (b) and the preceding “or” were omitted.

(5)

Section 303Z64 (compensation) applies as if subsections (10) and (11) were omitted.

Annotations

Textual amendments

F1

Pt. 5C inserted (26.4.2025) by The Proceeds of Crime Act 2002 (External Investigations and External Orders and Requests) (Amendment) Order 2024 (S.I. 2024/1127), arts. 1(2), 14